Supreme Court : State Gets Priority on Debt Over Banks & Other Lenders

Supreme Court : State Gets Priority on Debt Over Banks & Other Lenders

A three judge bench of hon’ble Supreme Court in Central Bank of India Vs State of Kerala & Ors [(2009) INSC 435; (2009) 4 SCC 94: Decided on 27.02.2009 has settled the controversy about the priority of claim on assets of debtor by the State and other secured creditors like Banks and others. The Supreme Court has held that State…